Using the weighted average method, calculate the equivalent units for January. Manzer Enterprises produces premier raspberry jam. Output ismeasured in pints. Manzer uses the weighted average method. DuringJanuary, Manzer had the following production data:Units in process, January 1, 60% complete - 36,000 pintsUnits completed and transferred out - 243,000 pintsUnits in process, January 31, 40% complete - 65,000 pintsCosts:Work in process, January 1 - $54,000Costs added during January - 344,000Using the weighted average method, calculate the equivalent units forJanuary.

Concept: Weighted Average MethodThe weighted average method calculates equivalent units by…

Answered: Manzer Enterprises produces premier…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 5PB: Ardt-Barger has a beginning work in process inventory of 5.500 units and transferred in 25,000 units...

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Chavez Concrete Inc. has two production departments. Blending had 1,000 units in process at the beginning of the period, two-fifths complete. During the period 7,800 units were received from Mixing, 8,200 units were transferred to the finished goods storeroom, and 600 units were in process at the end of the period, 1/3 complete. The cost of the beginning work in process was: The costs during the month were: 1. Using the data in E5-15, prepare a cost of production summary for the month ended January 31, 2016. 2. Prepare a journal entry to transfer the cost of the completed units from Blending to the finished goods storeroom.
Narwhal Swimwear has a beginning work in process inventory of 13,500 units and transferred in 130,000 units before ending the month with 14,000 units that were 100% complete with regard to materials and 30% complete with regard to conversion costs. The cost per unit of material is $5.80 and the cost per unit for conversion is $8.20 per unit. Using the weighted-average method, what is the amount of material and conversion costs assigned to the department for the month?
Foamy Inc. manufactures shaving cream and uses the weighted average cost method. In November, production is 14,800 equivalent units for materials and 13,300 units for labor and overhead. During the month, materials, labor, and overhead costs were as follows: Beginning work in process for November had a cost of 11,360 for materials, 11,666 for labor, and 9,250 for overhead. Compute the following: a. Weighted average cost per unit for materials b. Weighted average cost per unit for labor c. Weighted average cost per unit for overhead d. Total unit cost for the month
During the week of May 10, Hyrum Manufacturing produced and shipped 16,000 units of its aluminum wheels: 4,000 units of Model A and 12,000 units of Model B. The cycle time for Model A is 1.09 hours and for Model B is 0.47 hour. The following costs and production hours were incurred: Required: 1. Assume that the value-stream costs and total units shipped apply only to one model (a single-product value stream). Calculate the unit cost, and comment on its accuracy. 2. Assume that Model A is responsible for 40% of the materials cost. Calculate the unit cost for Models A and B, and comment on its accuracy. Explain the rationale for using units shipped instead of units produced in the calculation. 3. Calculate the unit cost for the two models, using DBC. Explain when and why this cost is more accurate than the unit cost calculated in Requirement 2.
Holmes Products, Inc., produces plastic cases used for video cameras. The product passes through three departments. For April, the following equivalent units schedule was prepared for the first department: Costs assigned to beginning work in process: direct materials, 90,000; conversion costs, 33,750. Manufacturing costs incurred during April: direct materials, 75,000; conversion costs, 220,000. Holmes uses the weighted average method. Required: 1. Compute the unit cost for April. 2. Determine the cost of ending work in process and the cost of goods transferred out.
During March, the following costs were charged to the manufacturing department: $22,500 for materials; $45,625 for labor; and $50,000 for manufacturing overhead. The records show that 40,000 units were completed and transferred, while 10,000 remained in ending inventory. There were 45,000 equivalent units of material and 42,500 units of conversion costs. Using the weighted-average method, prepare the companys process cost summary for the month.
Applegate Enterprises produces premier raspberry jam. Output is measured in pints. Applegate uses the weighted average method. During January, Applegate had the following production data: Units in process, January 1, 60% complete 108,000 pints Units completed and transferred out 720,000 pints Units in process, January 31, 40% complete 225,000 pints Costs: Work in process, January 1 $162,000 Costs added during January 1,053,000 Assign costs to units transferred out and EWIP. Cost of goods transferred out $__________ Ending work in process (EWIP) $__________
Applegate Enterprises produces premier raspberry jam. Output is measured in pints. Applegate uses the weighted average method. During January, Applegate had the following production data: Units in process, January 1, 60% complete 200,000 pints Units completed and transferred out 680,000 pints Units in process, January 31, 40% complete 250,000 pints Costs: Work in process, January 1 $200,000 Costs added during January 580,000 Required: 1. Using the weighted average method, calculate the equivalent units for January.fill in the blank 1 equivalents units 2. Calculate the unit cost for January. Round your answer to the nearest cent.$fill in the blank 2per unit 3. Assign costs to units transferred out and EWIP. Cost of goods transferred out $fill in the blank 3 Ending work in process (EWIP) $fill in the blank 4
Aztec Inc. produces soft drinks. Mixing is the first department, and its output is measured in gallons. Aztec uses the FIFO method. All manufacturing costs are added uniformly. For July, the mixing department provided the following information: Production: Units in process, July 1, 80% complete 60,000 gallons Units completed and transferred out 390,000 gallons Units in process, July 31, 75% complete 24,000 gallons Costs: Work in process, July 1 $ 96,000 Costs added during July 780,000 Required: 1. Calculate the equivalent units for July. equivalent units 2. Calculate the unit cost. Round your answer to the nearest cent. per unit 3. Assign costs to units transferred out and EWIP using the FIFO method. Note: Do not round interim computations. Cost of units transferred out Ending work in process
Aztec Inc. produces soft drinks. Mixing is the first department, and its output is measured in gallons. Aztec uses the FIFO method. All manufacturing costs are added uniformly. For July, the mixing department provided the following information: Production: Units in process, July 1, 80% complete 120,000 gallons Units completed and transferred out 690,000 gallons Units in process, July 31, 75% complete 80,000 gallons Costs: Work in process, July 1 $120,000 Costs added during July 1,471,500 Required: 1. Calculate the equivalent units for July.fill in the blank 1 equivalent units 2. Calculate the unit cost.$fill in the blank 2per unit 3. Assign costs to units transferred out and EWIP using the FIFO method. Cost of goods transferred out $fill in the blank 3 Ending work in process $fill in the blank 4
Aztec Inc. produces soft drinks. Mixing is the first department, and its output is measured in gallons. Aztec uses the FIFO method. All manufacturing costs are added uniformly. For July, the mixing department provided the following information: Production: Units in process, July 1, 80% complete 120,000 gallons Units completed and transferred out 690,000 gallons Units in process, July 31, 75% complete 80,000 gallons Costs: Work in process, July 1 $120,000 Costs added during July 1,471,500 Required: Prepare a production report. Aztec Inc. Mixing Department Production Report For the Month of July (FIFO Method) Unit Information Physical flow: Units to account for: Units Units in beginning WIP fill in the blank 1 Units started fill in the blank 2 Total units to account for fill in the blank 3 Units to account for: Units Units started and completed fill in the blank 4 From beginning WIP fill in the blank 5 Units in ending WIP…
Aztec Inc. produces soft drinks. Mixing is the first department, and its output is measured in gallons. Aztec uses the FIFO method. All manufacturing costs are added uniformly. For July, the mixing department provided the following information: Production: Units in process, July 1, 80% complete 30,000 gallons Units completed and transferred out 195,000 gallons Units in process, July 31, 75% complete 12,000 gallons Costs: Work in process, July 1 $ 48,000 Costs added during July 390,000 Required: 1. Calculate the equivalent units for July.fill in the blank 1 equivalent units 2. Calculate the unit cost. Round your answer to the nearest cent.$fill in the blank 2per unit 3. Assign costs to units transferred out and EWIP using the FIFO method. Note: Do not round interim computations. Cost of units transferred out $fill in the blank 3 Ending work in process $fill in the blank 4

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